How does StablecoinX's mNAV compare with other crypto treasury companies?

At the close of trading on October 9, 2026, StablecoinX's stock, USDE, was priced at 0.46× the value of the ENA, the governance token of Ethena, that the company reported for each share. That was the second lowest of five crypto treasury companies, listed companies that hold one crypto token as their main treasury asset, whose filings gave counts that could be matched. Hyperion DeFi, which holds HYPE, the token of the Hyperliquid network, was lower at 0.34× on its common shares alone, a count that leaves out its convertible preferred stock. Forward Industries, which holds SOL, the token of the Solana network, was at 0.61×. Strategy and Strive, which both hold bitcoin, or BTC, were at 0.93× and 1.16×.

Ethena is the protocol that issues the USDe synthetic dollar, and USDE with a capital E is the stock. The multiple is mNAV, the share price divided by token NAV per share, as the mNAV guide explains. Token NAV, short for token net asset value, is the number of tokens a company reports times the token's market price, and token NAV per share divides it by the company's common shares. An mNAV below 1 means the stock market valued a company's common shares at less than its reported tokens, priced at the same moment. When debt or preferred stock has a claim ahead of the common shares, a figure below 1 does not by itself mean the shares traded below the company's net assets.

USDE closed at $12.30. ENA's last trade before 4 pm New York time on Kraken, a crypto exchange, was at $0.2112, which put the approximately 3.029 billion ENA that StablecoinX reported at $639.7 million, or $26.50 a share. The market value of its 24,139,375 Class A shares, the only class with a claim on dividends and assets, was $296.9 million at the close, $342.8 million less than the ENA. Put another way, USDE's close would have equaled token NAV per share at an ENA price of $0.0980, 53.6% below ENA's price at the close.

The measure counts each company's main token and nothing else. StablecoinX's cash and its liabilities were about equal at June 30, so leaving them out barely changes its figure. Counting Hyperion DeFi's preferred stock as the common shares it converts into raises its figure to 0.69×, and subtracting Strive's preferred stock and adding its cash and securities raises Strive's to 1.99×. BitMine Immersion Technologies, or BitMine, which holds ETH, the token of the Ethereum network, and Hyperliquid Strategies, which also holds HYPE, are left out because their latest filed token counts and share counts could not be matched.

The five companies at the October 9 close

Each token price is the last trade before 20:00 UTC, 4 pm in New York, on Kraken. CoinGecko, a crypto price service, had prices stamped 20:00 UTC, read through DefiLlama's public price service, that differed from Kraken's by less than 0.25% and moved no mNAV by more than 0.001. The counts are dated from June 25 to October 4, as the table under How the counts were chosen shows. The closes are S&P Global Market Intelligence's, read on StockAnalysis, and matched Yahoo Finance's to the cent.

What each close implied for the token

Dividing a company's market value at the close by its token count gives the token price at which the share price would have equaled token NAV per share. Hyperion DeFi's and StablecoinX's closes implied the largest gaps between that price and the market.

In dollars, Hyperion DeFi's HYPE was worth $101.7 million more than the market value of its common shares, StablecoinX's ENA $342.8 million more and Forward Industries' SOL $361.4 million more. Strategy's BTC was worth $4.61 billion more than the market value of its common shares. Strive's market value was $382.8 million more than its BTC.

How the counts were chosen

Each count is the latest one the company had filed with the SEC by the close on October 9. StablecoinX's later filings rounded its ENA or listed the amounts received at the closing, so its count is the holding its closing release stated. A company is in the table only if its token count and its share count could be matched, with every change between their two dates reported in a filing. A search of the text of the filings of the seven companies other than Mega Matrix, from the dates of their counts to the close, found no later count than those used here, apart from StablecoinX's rounded figures, though three of BitMine's exhibits were images with no text to search. The eight companies checked are the ones whose filings this review read. Other crypto treasury companies that file with the SEC, among them SharpLink, Upexi and DeFi Development, were not read.

Hyperion DeFi counted its HYPE together with liquid staking tokens, which its 10-Q, the quarterly report, described as tokens that can be traded, sold or redeemed for HYPE, and called the total gross HYPE tokens. Its Form 8-K of October 2, a report of current events, gave 1.85 million gross HYPE tokens at September 30, after it sold 200,000 HYPE and HYPE liquid staking tokens in the third quarter. Its release of the same day gave approximately 15,442,482 common shares at September 30. Its August 12 release listed gross HYPE holdings among its non-GAAP measures, those not defined by US accounting rules, and its table for June 30 added three liquid staking tokens and the extra HYPE expected from converting them to its HYPE, for 2,042,113 gross HYPE tokens.

StablecoinX's closing release of June 25 gave approximately 3,029 million ENA, the figure the site's StablecoinX dashboard uses. Apart from the 10-Q, its filings to October 9 rounded the holding to about 3.0 billion or 3.03 billion ENA. Its second-quarter 10-Q listed three amounts received at that closing that sum to 3,031,404,421 ENA, and on that count StablecoinX's mNAV is 0.4638 instead of 0.4641. Its share count is the 24,029,375 Class A shares its resale prospectus of September 14 gave at August 28, the same number as on the 10-Q's cover, plus 110,000 restricted Class A shares that five directors received on September 30, as their Forms 4, the filings that report insiders' holdings, showed. The 3,157,754 Class B shares carry votes and no right to dividends or to assets in a liquidation, so they are left out.

Forward Industries' release of October 1 gave 8,501,298 SOL and 76,288,215 common shares at September 30. Its SOL count included pledged SOL and a token the release called fwdSOL, and left out borrowed SOL.

Strategy's Form 8-K of October 5 gave 848,000 BTC at 4 pm New York time on October 4. Its share count starts from the 402,337,658 Class A shares and 19,640,250 Class B shares outstanding on September 25, the record date that set who could vote at the special meeting in its proxy statement. It adds the 92,894 Class A shares Strategy sold from October 1 to 4, and the 8-K reported no sales from September 28 to 30. Each Class B share can be converted into one Class A share at any time, so both classes count. Strategy also sold 1,469,165 Class A shares from September 21 to 27, and any of them that settled after the record date would be missing from that count. Counting all of them puts Strategy's mNAV at 0.94×, so on these counts its figure is between 0.93× and 0.94×.

Strive's Form 8-K of October 5 gave 29,462 BTC and 100,938,986 Class A and Class B shares on October 2, a count that included shares sold through 4 pm that day.

The counts are as the companies reported them, and this review did not check them against token balances.

Beyond token NAV

Token NAV counts one token and nothing else. It leaves out cash, other assets, debt and preferred stock. Its share count leaves out shares that options, warrants and convertible securities could add. Forward Industries publishes its own mNAV that counts some of these, so its figures differ from the table's.

Hyperion DeFi's 10-Q reported 5,235,897 shares of Series A preferred stock at June 30, each convertible into three common shares, with a liquidation preference of $50,740,000. Counted as the 15,707,691 common shares they convert into, they would raise its share count to 31,150,173 and its mNAV to 0.69×. Any of them converted between June 30 and September 30 would already be in the September 30 count and would be counted twice. Its filings from June 30 to the close included no prospectus and no 8-K item for an unregistered sale of equity, a change to holders' rights or a charter amendment. It also held $14.5 million of cash, cash equivalents and stablecoins at September 30.

StablecoinX had $18.9 million of cash and $18.3 million of liabilities at June 30, as the book value review lists them from the 10-Q. Adding the cash and subtracting the liabilities moves its mNAV from 0.4641 to 0.4637. Its share count also leaves out the 19,124,586 warrants and the 78,635 shares due on restricted stock units that its prospectus listed at August 28.

Strive reported no debt at September 30, and its balance sheet for that day gave its 12,940,621 SATA preferred shares a stated amount, the fixed dollar value assigned to each preferred share, of $1.29 billion, $100 a share. Strive's 13,498,082 SATA preferred shares on October 2 came to $1.35 billion at that $100. Subtracting that and adding its $284.7 million of cash and its $50.2 million of Strategy's STRC preferred stock leaves $13.95 a common share, and on that count Strive's mNAV is 1.99×.

Forward Industries published its own mNAV in the same release. Its net asset value added other digital assets and cash and subtracted $167.5 million of institutional debt, and at September 30 it put its mNAV at 0.684× on common shares and 0.946× on its fully diluted count of 105,535,801 shares, at $7.80 a share and SOL at $118.06. On the token-only count at the same prices it was 0.59×. With SOL at the October 9 close and its other lines held at their September 30 values, its own measure on common shares came to 0.71×. On the fully diluted count, the token-only figure at the October 9 close came to 0.84×.

Strategy reported $4.88 billion in what it calls its USD Reserve and $833.4 million in its USD Cash on October 4. It also had convertible notes outstanding at June 30, four series of its preferred stock traded on Nasdaq, and its proxy statement listed 7,750,000 shares of a fifth series, STRE, at September 15. This review did not total them, so it gives no net figure for Strategy.

The dashboard's own figure for StablecoinX on October 9 was 0.47×. It pairs each close with ENA's price at midnight UTC, 8 pm in New York the evening before, which was $0.2065 for October 9, as the tracking review explains.

Companies left out

BitMine reported 6,016,414 ETH at 6:30 pm New York time on October 4 in its release of October 5. Its latest share count in a filing was 603,226,394 shares on July 9, on the cover of its 10-Q. Its release of August 17 said it had bought back 20.8 million shares since July 1, and its chairman's remarks filed on October 7 dated the start of the buyback to July 14, after that count. Between that release and October 4 its reported ETH rose by 201,250 and its cash and marketable securities from $78 million to $643 million. The search of its filings from July 9 to the close found no newer share count. On the July 9 count less the 20.8 million shares, BitMine's mNAV would be 0.94×, and each 10 million shares issued since would add 0.016.

Hyperliquid Strategies' prospectus of September 23 gave about 33.2 million HYPE and 237,919,288 shares on September 8, and its proxy statement gave 278,271,288 shares on September 30. Its 10-K, the annual report, said that the company publishes its HYPE balance weekly on its website, which this review did not use.

Mega Matrix said in its annual report that it had begun buying ENA, BTC and ETH to hold as a treasury reserve asset. Its interim statements showed 5,203,582 ENA at June 30, valued at $374,900 of its $3,521,800 of digital assets. StablecoinX's count is 582 times as large.

Caveats

The table is one close. StablecoinX's mNAV at the close ranged from 0.13× on July 24 to 0.52× on September 25 between June 26 and October 8, as the tracking review measured, so the order on another day can differ.

A low mNAV shows that the market valued the shares below the reported tokens. It does not show why. The five companies differ in size, in their debt and preferred stock, in the token they hold and in what they may do with it. StablecoinX could sell its ENA only with the Ethena Foundation's consent even after the lock-ups ended on October 5, as the lock-up waiver review explains. The comparison covers five companies whose counts could be matched and does not rank the sector.

Reproduce the numbers

The main script checks every input against its recorded SHA-256 fingerprint, checks that all 69 quoted passages were recorded as found word for word in the filings, and stops before writing its tables if any of its 159 checks fails. The browser scripts read the filings and prices again and search the filings of the seven companies other than Mega Matrix for later counts. The downloads are the five companies, the alternative counts, the companies left out, the chart data and the calculation files and source inputs.

token NAV per share  = tokens reported x token price at 20:00 UTC / common shares
mNAV                 = close / token NAV per share
implied token price  = close x common shares / tokens reported
Hyperion DeFi        = 3.40 / (83.38 x 1,850,000 / 15,442,482)
                     = 3.40 / 9.99 = 0.34
StablecoinX shares   = 24,029,375 + 5 x 22,000 = 24,139,375
StablecoinX          = 12.30 / (0.2112 x 3,029,000,000 / 24,139,375)
                     = 12.30 / 26.50 = 0.46
Forward Industries   = 7.34 / (108.38 x 8,501,298 / 76,288,215)
                     = 7.34 / 12.08 = 0.61
Strategy shares      = 402,337,658 + 19,640,250 + 92,894 = 422,070,802
Strategy             = 154.34 / (82,252.40 x 848,000 / 422,070,802)
                     = 154.34 / 165.26 = 0.93
Strive               = 27.80 / (82,252.40 x 29,462 / 100,938,986)
                     = 27.80 / 24.01 = 1.16

The StablecoinX dashboard tracks USDE's share price against the ENA treasury the company reports, the mNAV guide explains token NAV and mNAV, and the methodology page defines the site's figures.

Analysis of public filings and market data. Not investment advice.